In light of the ongoing crisis in West Asia, Commerce and Industry Minister Piyush Goyal urged Indian industries to become more self-reliant and efficient. Speaking at the Confederation of Indian Industry's annual meeting in New Delhi, he highlighted the need for businesses to reduce their dependence on specific geographies and focus on indigenization. Goyal emphasized the transition from merely assembling products in India to designing, engineering, and manufacturing them domestically. He also called for the faster adoption of electric vehicles to significantly reduce oil imports.

Goyal announced that the Comprehensive Economic Partnership Agreement (CEPA) with Oman, effective from June 1, will allow duty-free access for 98% of Indian exports, including textiles and agricultural goods. In addition, he noted that India is negotiating a broader trade agreement with Chile to enhance access to critical minerals. Goyal criticized past trade agreements with Japan, South Korea, and ASEAN nations, pointing out the increasing trade deficit and urging businesses to prioritize quality in their exports.